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Wet Seal to take aggressive steps to revitalize Arden B

27
Mar '08
The Wet Seal Inc, a leading specialty retailer to young women, announced results for its fiscal fourth quarter and full year ended February 2, 2008, and introduced guidance for the first quarter of fiscal 2008. The Company noted that the prior year, fiscal 2006, consisted of 53 weeks, resulting in a 14-week fiscal fourth quarter in the prior year.

The Company also provided segment financial results for Wet Seal and Arden B in Exhibit B and historical segment comparable store sales results in Exhibit C.

For the fourth quarter:
• Net sales for the 13-week period ended February 2, 2008, were $179.6 million compared to net sales of $166.4 million for the 14-week period ended February 3, 2007. Net sales in the current year included a $3.7 million "breakage" benefit resulting from a reduction to deferred revenues for unredeemed gift cards, gift certificates and store credits remaining outstanding more than three years from their respective issuance dates. The additional week in the prior year increased prior year total reported net sales by $9.4 million.

• Consolidated comparable store sales decreased 1.4%. Comparable store sales for Wet Seal increased 2.1% and for Arden B decreased 12.5%.

• Operating income was $11.3 million, or 6.3% of net sales, compared to $4.8 million, or 2.9% of net sales, in the fourth quarter of fiscal 2006. Operating income in the current year quarter included the $3.7 million "breakage" benefit noted above, offset by $3.7 million in non-cash asset impairment charges, primarily to fully impair goodwill associated with the Arden B business in accordance with Statement of Financial Accounting Standards No. 142, "Goodwill and Other Intangible Assets."


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